House OKs Bill Requiring Puerto Rico Conflicts Disclosure

By Rick Archer (February 24, 2021, 8:47 PM EST) -- The U.S. House of Representatives on Wednesday passed without opposition a bill sparked by reports of consultant McKinsey & Co.'s Puerto Rican bond holdings calling for professionals working on the island's restructuring process to disclose potential conflicts of interest.

The Puerto Rico Recovery Accuracy in Disclosures Act proposed by Rep. Nydia M. Velázquez, D-N.Y., would establish conflict disclosure rules that were not included in the law that allowed the island's government to file for bankruptcy.

"This commonsense bill closes a loophole to require the disclosure of any conflicts of interest between those working on the bankruptcy and the debtor," Velázquez said...

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